Treasury Financial Logo

Chapter 4700

AGENCY REPORTING REQUIREMENTS FOR THE FINANCIAL REPORT OF THE UNITED STATES GOVERNMENT

pdf-iconPDF Version
(Click here to download Adobe Acrobat Reader)

This Treasury Financial Manual (TFM) chapter describes how agencies provide data for the Financial Report of the United States Government (FR) using the Governmentwide Financial Report System (GFRS) and Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS). It also includes the Bureau of the Fiscal Service (Fiscal Service) Closing Package methodology, the Federal Intragovernmental Transactions process, and requirements for electronically submitting preclosing adjusted trial-balances (ATBs).

This TFM chapter does not include all reporting requirements for the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS). Complete information pertaining to GTAS can be found on the GTAS website at http://www.fms.treas.gov/gtas/index.html.

Section 4701—Scope and Applicability

All agencies must provide the Fiscal Service with the required fiscal year-end data that is used to prepare the FR. All significant entities (see Figure 1) must submit their financial data using the Closing Package via GFRS.  Please note that agency data reported in GFRS must be consistent with the agencies audited financial statements, as well as the agency GTAS ATB submission. All other entities must submit GTAS ATB data and must complete GFRS FR Notes and Other FR Data.

GFRS uses a Closing Package methodology that has been developed to:

  • Capture each agencies’ Closing Package information and link the agencies’ comparative, audited consolidated, department-level financial statements to the FR; and
  • Resolve material weaknesses identified by the Government Accountability Office (GAO).

The Chief Financial Officer (CFO) or CFO’s designee of each significant entity must prepare and submit the Closing Package data for the current fiscal year (FY) and the prior FY via GFRS at the agency level and must verify its consistency with the comparative, audited consolidated, department-level financial statements. The Inspector General (IG) of each significant entity must provide an opinion on the Closing Package data, entered by the CFO into GFRS, as to its consistency with the comparative, audited consolidated, department-level financial statements. Significant entities with a year-end other than September 30 are subject to alternate audit procedures as outlined in Subsection 4705.45.

Agencies (significant entities and other entities) must submit preclosing ATBs via the GTAS Internet application. Entities must submit their ATBs at the Treasury Account Symbol (TAS) level using proprietary and budgetary U.S. Government Standard General Ledger (USSGL) accounts (see the USSGL for Fiscal 2014 Reporting). The ATB data from significant entities is used for research and analysis purposes during the compilation of the FR.

GFRS compiles the information from the GTAS submissions for other entities into a set of “generic” financial statements that are included in the consolidated FR. Other entities must prepare and submit note data based on the amounts from the “generic” financial statements compiled in GFRS.

For other entities that are not GTAS reporters at year-end, refer to subsection 4706.30a.

Reporting requirements in this chapter are grouped as follows:

  • Section 4705 includes Closing Package requirements;
  • Section 4706 includes intragovernmental requirements; and
  • Section 4707 includes GTAS requirements.

Section 4702—Authority

Section 405 of the Government Management Reform Act of 1994 [31 U.S.C. 331(e)(1)] requires that the Secretary of the Treasury annually prepare and submit to the President and the Congress an audited financial statement for the preceding FY. This statement must cover all accounts and associated activities of the executive branch of the Federal Government. Section 114(a) of the Budget and Accounting Procedures Act of 1950 [31 U.S.C. 3513(a)] requires each executive branch agency to furnish financial and operational information as the Secretary of the Treasury may stipulate.

Even though these mandates are not applicable to the legislative and judicial branches of the Federal Government, Treasury strongly encourages these entities to submit ATBs, GFRS Notes, and Other FR Data, as defined in these reporting requirements. Executive branch agencies cannot easily reconcile balances with their legislative and judicial trading partners, unless the nonreporting agencies submit their balances. Therefore, when compiling the Financial Report of the United States Government (FR), the Fiscal Service will record a supported journal voucher to eliminate any intragovernmental transaction differences related to legislative and judicial branches.

Section 4703—Definition of Terms

Agency—Refers to the reporting entities for inclusion in the FR. “Agency,” “department,” and “entity” are used interchangeably, unless otherwise noted (see Appendix 5).

Adjusted Trial-Balance (ATB)—This is a list of USSGL accounts with attributes and preclosing adjusted balances prepared at a specified date (year-end). Agencies submit ATBs by TAS and must include USSGL accounts listed in numeric order. The USSGL account balances should reflect preclosing adjusting entries. The total sum of the debit balances must equal the total sum of the credit balances in the ATB per TAS. Agencies must include the required attributes with the appropriate USSGL accounts (see the USSGL for Fiscal 2014 Reporting).

Note: GTAS replaced FACTS I beginning in FY 2014 and requires reporting proprietary USSGL account balances and budgetary USSGL account balances.

Attribute—This is a modifier that further describes a USSGL account to meet a specific reporting requirement. Agencies capture this information at the transaction level. The following website contains the applicable GTAS attributes, including USSGL, for Fiscal 2014 Reporting:  http://fms.treas.gov/ussgl/index.html.

Business Event Type Code (BETC)—An eight character code that indicates the type of activity being reported (borrowing, repayment, offsetting collection, receipt, disbursement, etc.).  It is used in combination with the TAS to determine the transaction effect on the fund balance with Treasury.

Budget Subfunction Code (BSF)—This code classifies budget resources by function and subfunction. It groups budget authority and outlays of budget and off-budget Federal entities in terms of the national needs being addressed. For a complete list of BSF codes, see the Office of Management and Budget (OMB) website at http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/db_guide.pdf.

Closing Package—This methodology links agencies’ comparative, audited consolidated, department-level financial statements to the FR. The Closing Package is the data submitted by each significant entity for inclusion in the FR.

Deposit Fund Accounts—Agencies use these accounts to hold the following:

  • Money the Government has withheld from payment for goods or services provided;
  • Deposits received from outside sources in cases where the Government acts solely as a banker, fiscal agent, or custodian; and
  • Money the Government has withheld awaiting distribution based on a legal determination or an investigation.

Duplicate Partner Code Identifier (DPCI)—A single-letter code applied to a reporting trading partner agency sharing a three-digit agency code with another agency (National Railroad Retirement Investment Trust, Pension Benefit Guaranty Corporation, Farm Credit System Insurance Corporation, and Smithsonian Institution).

The DPCI for non-GTAS Reporting Entities is a single-digit code to be applied only to a reporting trading partner agency sharing a two-digit agency code with another agency. The DPCI field is blank for all other trading partner agencies. See Appendix 9 for additional details.

Financial Statement Template—Each agency defines this template based on its comparative, consolidated, audited, and department-level financial statement line items and USSGL crosswalks.

Fiduciary Transactions—Intragovern-mental transactions that consist of Fiscal Service investments and borrowings; Federal Financing Bank (FFB) borrowings; Department of Labor (DOL) Federal Employees’ Compensation Act (FECA) transactions; and Office of Personnel Management (OPM) employee benefit transactions.

Note: The word “fiduciary” is used in a different context than used in Statements of Federal Financial Accounting Standards (SFFAS) No. 31, Accounting for Fiduciary Activities, discussed in subsection 4705.20d.

General Fund Receipt Account—This is a receipt account credited with all funds from dedicated collections that are not identified by law for another account for a specific purpose. These collections are presented in the President’s Budget of the United States Government as either governmental (budget) receipts or offsetting receipts. These include taxes, customs duties, and miscellaneous receipts. There are numerous general fund receipt accounts that are described in the Federal Account Symbols and Titles (FAST) Book. See the FAST Book website at http://www.fms.treas.gov/fastbook.

Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS)A web-based single data collection system that merged the functionality of FACTS I, FACTS II, IFCS, and IRAS. Agencies will submit proprietary and budgetary data simultaneously in one submission.

The GTAS Super Master Account File (SMAF)—The SMAF is the combination of the current Federal Agencies’ Trial Balance Systems (FACTS) I and II Master Appropriation Files and contains the valid TAS balances and attributes used for budgetary and proprietary adjusted trial balance submissions. Details may be found at: http://fms.treas.gov/gtas/index.html.

Interdepartmental Balance—This USSGL account balance results from a transaction between trading partners included in the FR that are not in the same department.

Intradepartmental Balance—This USSGL account balance results from a transaction between trading partners in the same department.

Intragovernmental Transactions/ Balances—These transactions and/or balances result from business activities conducted by two different Federal Government entities included in the FR. Interdepartmental and intradepartmental are subsets of intragovernmental.

Nonfiduciary Transactions—Consist of intragovernmental buy/sell (exchange) transactions, transfers, general fund, and non-Treasury investment transactions (see subsection 4706.25).

Non-reciprocating (Z)This is an attribute of a USSGL account balance that results from transactions that are intragovernmental but no reciprocal balances will be reported by another federal entity.

Other Entities (formerly known as nonverifying agency)—Entities not included in Figure 1. See Appendix A in the Financial Report of the U.S. Government (FR) for a complete listing.

Probable Likelihood of Loss—This term implies that the future event or events are more likely than not to occur, with the exception of pending or threatened litigation and unasserted claims. For pending or threatened litigation and unasserted claims, the future confirming event or events are likely to occur. If a negative outcome is probable, the agency must record a liability on its books for the estimated amount of loss. The estimated liability may be a specific amount or a range of amounts. If some amount within the range is a better estimate than any other amount within the range, then the agency should recognize that amount as a liability and should disclose the range of possible loss as well as the nature of the contingency in its financial statement notes. If no amount within the range is a better estimate than any other amount, then the agency should recognize the minimum amount in the range as a liability and should disclose the range and a description of the nature of the contingency in its financial statement notes. See Federal Accounting Standards Advisory Board (FASAB) SFFAS Nos. 5 and 12.

Reasonably Possible Likelihood of Loss—This term implies that the chance of the future event or events occurring is more than remote but less than probable. If it is reasonably possible that the agency will incur a loss, the agency must disclose the nature of the contingency and an estimate of the possible liability, an estimate of the range of the possible liability, or a statement that such an estimate cannot be made (see SFFAS Nos. 5 and 12).

Reciprocal Category (RC)—This is a set of Closing Package financial statement Federal line items that is used to perform eliminations at the Governmentwide level (see subsection 4705 and Appendices 6 and 7).

Reclassified Financial Statement—This is a “generic” agency financial statement format used across the Government. Agencies “reclassify” or move amounts from their comparative, audited consolidated, department-level financial statement line items to the Closing Package reclassified financial statement line items. For other entities, these statements are system-generated using GTAS ATB data.

Remote Likelihood of Loss—This term implies that the chance of the future event or events occurring is slight. If only a remote chance of loss is possible, the agency need not record a liability nor provide a note disclosure (see SFFAS Nos. 5 and 12).

Selected Other Entity (formerly known as nonverifying agency)—A selected other entity must submit quarterly full-proprietary and budgetary ATBs in text format. Selected other entities are those not listed in Figure 1. See Appendix A in the Financial Report of the U.S. Government for a complete listing.

Significant Entities—These entities consist of the 24 major CFO Act entities and selected other entities material to the FR. Entities are deemed material to the FR if they report any Closing Package Statement line items or note disclosures that are greater than $1 billion. See Figure 1 for the list of significant entities.

Special Fund Receipt Accounts—Receipt accounts credited with funds from dedicated collections that are identified by law but included in the Federal funds group rather than classified as trust fund collections. These collections are presented in the President’s Budget as either governmental (budget) receipts or offsetting receipts.

Suspense Accounts—Agencies use these accounts to temporarily hold collections and in certain suspense accounts, to hold disbursements. They use these accounts pending clearance to the applicable receipt or expenditure account in the budget. An “F” preceding the last four digits of the fund symbol identifies a suspense account.

Trading Partner (TP)An agency, department, or Federal entity that is party to intragovernmental transactions with another agency, department, or Federal agency.

Trading Partner Code—The attribute used to identify the trading partner agency (see Appendix 5).

Treasury Account Symbol (TAS)—An identification code assigned by the Department of the Treasury. TAS represents individual appropriations, receipts, and other fund accounts.    

Treasury Appropriation Fund Symbol (TAFS)—This combination of numbers denotes the responsible agency, period of availability, and fund classification according to a prescribed system of account classification and identification.  A TAFS is a subset of TAS. A TAFS has budgetary USSGL accounts and is used to report budgetary authority.

Use of Central Accounting Data (UCAD)—UCAD is the authoritative data collected in Treasury’s central accounting system and presented in report format to resolve intragovernmental differences. This data includes appropriation warrants, nonexpenditure transfers, fund balance with the Treasury, and appropriations received, as adjusted. Please note UCAD is to be decommissioned in June 2014. This will be the last month any reports will be available.

GTAS has replaced the outgoing UCAD reports with a series of Edits that compare UCAD Business Line Balances reported in the Central Accounting Reporting System (CARS) to Agency reported Adjusted Trial Balance Data. For a full list of the GTAS Edits that are replacing the UCAD reports, please refer to Section 4705.65-Quarterly and Year-end Intra-governmental Reconciliation Process Related to Closing Package Reporting.

U.S. Government Standard General Ledger (USSGL) Data—The USSGL, Supplement No. S2 to the TFM, provides a uniform Chart of Accounts and technical guidance to be used in standardizing Federal agency accounting. See the USSGL website at http://www.fms.treas.gov/ussgl/index.html.

Section 4704FR Reporting and Submission Dates

See Figure 3 for the FR reporting and submission dates regarding GFRS, non-GTAS ATB text data file (as applicable), GTAS, intragovernmental activity/transactions, legal representation letters, management representation letters, and subsequent events.

4704.10—Third Quarter Reporting (Unaudited Financial Statements and Notes)

The purpose of these submissions is to enable the Fiscal Service to conduct preliminary analysis on agency data to facilitate preparation of the FR.

Agencies must submit unaudited notes and other required supplemental disclosure information as deemed relevant and useful, for example, required supplemental information (RSI), required supplementary stewardship information (RSSI), and other information (OI) along with unaudited interim financial statements, in accordance with OMB Circular No. A-136, Section IV, Interim Financial Statements. Agencies should include all notes and supplemental information that will be included in their audited financial statements. In some cases, interim data may not be available or it may not be cost-effective to obtain the interim data. Based on data availability, agencies may request alternate deadlines or may provide preliminary, place-holder (for example, prior year) or pro forma information. Note and supplemental information may also be transmitted directly to the Fiscal Service in accordance with Fiscal Service requests. The Fiscal Service also will be requesting agency’s assistance with completing key notes that present a greater risk of failing to meet the prescribed disclosure requirements. Examples of key notes are: Cash and Monetary Assets, Loans Receivable and Loan Guarantees, Debt and Equity Securities, Government Sponsored Enterprises, Troubled Asset Relief Program (TARP) Direct Loan and Equity Investments, Deferred Maintenance and Repairs, Collections and Refunds, Funds from Dedicated Collections, Other Liabilities, Natural Resources, Risk Assumed, Federal Employee and Veteran Benefits, Budget Deficit Reconciliation, Commitments, and Social Insurance.

Figure 1: Significant Entities Required To Verify and Submit a Closing Package and Provide CFO Representations for Federal Intragovernmental Transactions and Balances

Department of Agriculture
Department of Commerce
Department of Defense
Department of Education
Department of Energy
Department of Health and Human Services
Department of Homeland Security
Department of Housing and Urban Development
Department of the Interior
Department of Justice
Department of Labor
Department of State

Department of Transportation
Department of the Treasury
Department of Veterans Affairs
Agency for International Development
Environmental Protection Agency
Export-Import Bank of the United States
Farm Credit System Insurance Corporation
Federal Communications Commission
Federal Deposit Insurance Corporation
General Services Administration
Millennium Challenge Corporation

National Aeronautics and Space Administration

National Credit Union Administration
National Science Foundation
U.S. Postal Service
Office of Personnel Management

Overseas Private Investment Corporation
Pension Benefit Guaranty Corporation
Railroad Retirement Board
Securities and Exchange Commission
Small Business Administration
Smithsonian Institution
Social Security Administration
Tennessee Valley Authority
U.S. Nuclear Regulatory Commission

 

Section 4705—Closing Package Requirements

Significant Entities must:

  • Reclassify all line items and amounts on their comparative, audited consolidated, department- level Balance Sheet, Statement of Net Cost/Income Statement, Statement of Changes in Net Position, and Statement or Note on Custodial Activity (if applicable) to the Closing Package reclassified financial statement formats (see Appendix 2). Statement of Social Insurance information and the Statement of Changes in Social Insurance Amounts are reported in GFRS Module GF006, FR Notes (see Figure 2 and refer to subsection 4705.20c for details).

Note: The Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts are part of the basic financial statements to which the IG of the significant entity, if applicable, must provide an opinion as to its consistency with the comparative, audited consolidated, department-level financial statements.

  • List Closing Package line item amounts identified as federal (items to be eliminated in the Governmentwide consolidation) by trading partner and amount (see Appendix 6).
  • Report FR Notes information that is based on the Reclassified Balance Sheet line items. Also, report other FR Notes information that is required for the FR to meet FASAB standards (see Appendix 3).
  • Report Other FR Data information that is not based on the Reclassified Balance Sheet line items. Examples of Other FR Data include required supplemental information, stewardship information, and social insurance. Also, report Other FR Data information that is required for the FR to meet FASAB standards (see Appendix 4).

Figure 2: Closing Package Process

GFRS Module

GF001

 

GF002

 

GF003

 

GF004

 

GF006

 

GF007

 

GF008

Module Title

Financial Statement Template

>

Audited Financial Statements

>

Reclassification

>

Federal Trading Partner Note

>

Notes to the FR Financial Statements

>

Other FR Data

>

Completions and Approvals

Action

Enter agencies financial statement templates for entry of the audited financial statement data.

 

Enter agency’s comparative, audited consolidated, department-level financial statements.

•Balance Sheet;

•Statement of Net Cost /Income Statement;

•Statement of Changes in Net Position; and

•Statement or
Note on Custodial Activity (if applicable).

 

Reclassify agency’s financial statements to Closing Package format.

•Balance Sheet;

•Statement of Net Cost; and

•Statement of Changes in Net Position.

 

 

 

Identify Federal Trading Partner Department codes.

 

 

 

Enter predefined notes to the Closing Package, including Statement of Social Insurance and Statement of Changes in Social Insurance Amounts (if applicable).

 

 

 

Enter other required data.

Examples:
Stewardship Deferred Maintenance
Tax Burden.

 

 

Agency CFO reviews and certifies and IG issues an opinion on the reclassified statements and notes, including the Federal Trading Partner Note.

Additional TFM Reference

 

 

 

 

Appendix 2

 

Appendix 5

 

Appendix 3

 

Appendix 4

 

 
  • Provide explanations for any data that has changed by the Fiscal Service established threshold or more between prior FY and current FY as required by GFRS. Explanations must clearly present the reason or justification for the change in data.
  • Provide the Fiscal Service with an electronic copy of the third-quarter financial statements, notes, RSI, RSSI, and OI, if the statements are not available on OMB’s MAX federal community website. Notify the Fiscal Service of any additional updates to the financial statements as they are made available on OMB’s MAX website (see Section 4704.10).
  • Contact the Fiscal Service to determine the reporting procedures for any adjustments to the Closing Package data after November 18, 2014. See the contact list at http://www.fms.treas.gov/closingpackage/contacts.html.

4705.10—GFRS System Access

The GFRS Internet application at https://gfrs.fiscal.treasury.gov/forms/frmservlet?config=app&form=rtlogin requires a user ID and password.

For users who do not have a Treasury Enterprise ID (ITIM ID) and password, please visit: https://reg.fms.treas.gov/selfenroll/register to self-enroll. Follow the enrollment screens sequentially to get your user ID and password. For more information on GFRS access please contact a Treasury Support Center (TSC) agent at 877-440-9476, Option 1, then Option 4 or send inquires to GFRS@stls.frb.org.

4705.15—GFRS Reportable Data

4705.15a—Preparation of Financial Statement Template

Significant entities must update via GFRS Module GF001 (Financial Statement Template) the USSGL crosswalk logic to the comparative, audited consolidated, department-level financial statements. The financial statements include the Balance Sheet, Statement of Changes in Net Position, Statement of Net Cost/Income Statement, and Statement or Note on Custodial Activity, if applicable.

Note: The Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts are located in GFRS Module GF006 (FR Notes). Refer to subsection 4705.20c for details.

4705.15b—The Closing Package

Figure 2 depicts the Closing Package process. The Fiscal Service uses the entities’ Closing Packages to prepare the FR.

CFOs of the significant entities and other entities must submit all Closing Package data via the GFRS Internet application on GOALS II to the Fiscal Service for FY 2014 reporting. In addition, CFOs and/or designees, of the significant entities and other entities must respond in a timely manner to the Fiscal Service’s request for concurrence with planned changes to entity submitted Closing Package data. These requests are based on the Fiscal Service’s review of entities’ submitted data for compliance with this chapter and conformity with entities’ general purpose financial statements.

4705.15c—FR Notes

Both Significant Entities and other entities must submit FR Notes data through GFRS.

Other entities submit FR Notes data based on the amounts from the “generic” financial statements, compiled in GFRS from ATB data submitted via GTAS. The generic financial statements are based on the USSGL crosswalks to the reclassified statements and are populated by GTAS ATB data. See Appendix 3 for the format of the FR Notes.

This requirement also applies to other entities who are not GTAS reporters at year-end. See Appendix 9 for further information.

Significant Entities and Other Entities submit FR Notes data based on the following:

  • Amounts on selected Closing Package line items.
  • The source of the data being reported for each note on the “Agency Notes” line. The entity must reference the source of the data for traceability to the notes source (that is, the particular location in the consolidated audited financial statements, specific worksheet). This should be detailed enough to provide an adequate audit trail. See Appendices 3 and 4.
  • Amounts of items based on disclosure standards (for example, dedicated collections, commitments, and contingencies). See Appendix 3 for the FR Notes requirements.

4705.15d—Federal Trading Partner Notes

Significant entities must identify the federal trading partners and amounts for each federal Closing Package line item reported after reclassifying the entities’ comparative, audited consolidated, department-level financial statements into the Closing Package formats. Amounts identified as federal should be net of intradepartmental eliminations with the exception of custodial revenues retained by the collecting department and capital transfers reported in RC 11 and RC 12. Identifying the trading partner enables analysis and elimination of federal activity/balances based on reciprocal categories at the Governmentwide level. See Appendix 5 for a complete list of federal trading partner department codes.

Entities must reclassify all General Fund activity to the appropriate Closing Package financial statement line within RC 29 – RC 48 activities. Entities must determine what the General Fund activity represents and should reclassify the activity to the appropriate Closing Package line within RC 29 – RC 48 (See Appendices 1, 6, and 7 for the appropriate reclassification of Closing Package financial statement lines).

4705.15e—Other FR Data

Significant entities and other entities must disclose information relating to “Other FR Data” as it applies to the entity. Other FR Data can include stewardship information, social insurance disclosures, and supplemental information, such as deferred maintenance. See Appendix 4 for the format of Other FR Data.

This requirement also applies to other entities who are not GTAS reporters at year-end.  See Appendix 9 for further information.

4705.20—Reclassification of Significant Entities’ Financial Statements

Significant Entities must enter and reclassify their comparative, audited consolidated, department-level Balance Sheet, Statement of Net Cost/Income Statement, Statement of Changes in Net Position, and Statement or Note on Custodial Activity (if applicable) to the formats in the three Closing Package financial statements presented in Appendix 1 (Reclassified Financial Statements and Line Item Descriptions). Appendix 1 describes the Closing Package financial statement line items. Appendix 2 includes examples of how to reclassify entity line items to the Closing Package format. For example, the Fiscal Service requires that entities include two line items on the Statement of Net Cost or the Income Statement to facilitate the reclassification of this statement. These two line items, “Total Gross Cost” and “Total Earned Revenue,” are the sum of all program lines for “Gross Cost” and “Earned Revenue” reported on the Statement of Net Cost.

GFRS uses a normal balance concept. The normal balance is the regular balance of a line item and is either a debit or credit as determined by the account type selected. For example, an asset and a liability would carry a debit and a credit “normal” balance, respectively. All numbers must be entered as positive numbers in GFRS, unless the balance of that line is abnormal, then the amount is entered as a negative number. The normal balance attribute is used to determine the appropriate stored value of manually entered amounts.

Significant entities report the line items on their financial statements based on what is most material and useful to them. These line items may not match line items in the Closing Package for several reasons. For example, the Closing Package line items may not apply to the entity, the amounts could be immaterial at the entity level, or the entity may find it useful to include more detail than the Closing Package reports.  Agencies must reclassify their audited financial statement lines to the applicable Closing Package lines, regardless of materiality.   

4705.20a—Custodial Activity

SFFAS No. 7, paragraph 353, states:

Disposition of revenue to other entities: custodial transfers—Revenue, primarily nonexchange revenue, may be collected by an entity acting on behalf of the General Fund or another entity within the Government on whose behalf it was collected. The collecting entity accounts for the disposition of revenue as part of its custodial activity. These custodial transfers, by definition, do not affect the collecting entity’s net cost of operations or operating results, nor are they part of the reconciliation between its obligations and net cost of operations. (The receiving entity recognizes the revenue as nonexchange or exchange revenue depending on its nature, according to the applicable revenue standards.)

For exchange revenue with virtually no cost, see SFFAS No. 7, paragraph 140. The custodial revenue is reported by the collecting agency on the Statement of Custodial Activity or on the Custodial Activity Note.

However, for exchange revenue collected for others with related cost incurred, agencies should follow the guidance from SFFAS No. 7, paragraph 137, which states:

As a general rule, exchange revenue transferred to others must be offset against the collecting entity’s gross cost to determine its net cost of operations. Exchange revenue reduces the net cost of operations incurred by the entity in producing outputs, regardless of whether the entity keeps the exchange revenue for its own use or transfers it to another operating entity or the General Fund. Likewise, exchange revenue reduces the net cost of the entity’s operations to the taxpayer regardless of its disposition. Therefore, all exchange revenue related to the cost of operations must be deducted from gross cost to determine the net cost of operations for the entity.

Furthermore, SFFAS No. 7, paragraph 138, states:

Any exchange revenue that is transferred to others, however, does not affect the collecting entity’s net position. Therefore, as required by the standards for other financing sources, such exchange revenue is recognized as a transfer-out in calculating the entity’s operating results.

At the Governmentwide level, these collections are recognized as revenue.

Significant entities that report a Statement or Note on Custodial Activity in their comparative, audited consolidated, department-level financial statements reclassify exchange revenue without associated costs (virtually no cost) and nonexchange revenue from the Statement or Note on Custodial Activity to the Closing Package line items on the Statement of Changes in Net Position. From the Sources of Collections section of the Custodial Statement or Note (with the exception of customs duties, excise taxes, and taxes collected by the Department of the Treasury, the Department of Labor, and the Department of Homeland Security), reclassify all nonexchange revenue lines to “Other taxes and receipts” and exchange lines to “Miscellaneous earned revenue.” From the Disposition of Collections section, reclassify all federal lines to “Other Budgetary Financing Sources” and non-federal lines to “Other taxes and receipts.”

Agencies must report the custodial revenue as non-federal, “N,” at the time of collection from the public (that is, the Sources of Collection section). The disposition of the custodial revenue to other federal agencies must be reported as federal “F” in the reclassified Statement of Net Cost or Statement of Changes in Net Position when reporting in GFRS. Any federal agency receiving custodial revenue from the collecting agency must report this revenue as federal “F” in its reclassified Statement of Net Cost or Statement of Changes in Net Position when reporting in GFRS. If the collecting agency retains a portion of the custodial revenue, the agency also must report this revenue as federal “F” in its reclassified Statement of Net Cost or Statement of Changes in Net Position when reporting in GFRS and must use its own trading partner code.

If agencies have collections that do not meet Statement or Note on Custodial Activity reporting requirements, they should refer to the General Fund Receipt Account Guide on the USSGL website at http://www.fms.treas.gov/ussgl/approved_scenarios/index.html#proprietary.

4705.20b—Funds From Dedicated Collections

Funds from dedicated collections are financed by specifically identified revenues, often supplemented by other financing sources, which remain available over time. These specifically identified revenues and other financing sources are required by statute to be used for designated activities, benefits, or purposes and must be accounted for separately from the Government’s general revenues in accordance with SFFAS No. 27 as amended by SFFAS No. 43. SSFAS No. 43 changed the name of these funds from “earmarked funds” to “funds from dedicated collections.” SFFAS No. 43 also modified the definition of these funds by clarifying that at least one source of funds external to the federal government must exist for a fund to qualify as a fund from dedicated collections. SFFAS No. 43 also added an explicit exclusion for any fund established to account for pensions, other retirement benefits, other post-employment, or other benefit provided for federal employees (civilian and military).

At the Governmentwide level, the U.S. Government Balance Sheet shows separately the portion of the net position attributable to funds from dedicated collections. The standard further requires the disclosure of condensed information on assets, liabilities, and net cost for all funds from dedicated collections. The disclosure may present combined or consolidated amounts, and the presentation must be labeled accordingly.

Significant entities reclassify funds from dedicated collections amounts and activity from the entity’s Balance Sheet to the applicable Closing Package line items. Additional note disclosure information on Funds from Dedicated Collections also is required in the Closing Package, Appendix 3, Note 22, to be completed by both significant and other entities with activity from funds from dedicated collections. Agencies should report each fund from dedicated collections with a net position exceeding $5 billion (in absolute dollars) separately.

4705.20c—Social Insurance

The Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts are required by SFFAS Nos. 17, 25, 26, 28, and 37 to be presented as a basic financial statement. Agencies provide the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts data in GFRS Module GF006, FR Notes. The information related to the Statement of Social Insurance, the Statement of Changes in Social Insurance Amounts, and the underlying significant assumptions also is included in GFRS Module GF006, FR Notes. All remaining social insurance information is contained in GFRS Module GF007, Other FR Data.

Note: The information related to these statements appears in GFRS Module GF006, FR Notes, because GFRS was not designed with a separate financial statement module for the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts. As such, significant agencies cannot enter information related to the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts into a separate financial statement module. Since the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts are two of the basic financial statements to which the IG of the significant entity, if applicable, must provide an opinion as to its consistency with the comparative, audited consolidated, department-level financial statements, significant entities must enter the information related to the Statement of Social Insurance and the Statement of Changes in Social Insurance Amounts into GFRS Module GF006, FR Notes.

The Social Insurance Program reporting agencies are required to report the Statements of Social Insurance, the Statement of Changes in Social Insurance Amounts, and the related notes in the FR Notes, and in Other FR Data in the Closing Package. The Social Insurance Program reporting agencies are the Social Security Administration (SSA), the Department of Health and Human Services (HHS), the Railroad Retirement Board (RRB), and the Department of Labor (DOL).

Most of the social insurance information pertaining to Social Security and Medicare can be obtained from SSA (the 2014 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds) and from HHS (the 2014 Annual Report of the Boards of the Trustees of the Federal Hospital Insurance and the Federal Supplementary Medical Insurance Trust Funds). SSA, HHS, RRB, and DOL are required to report the draft data of Social Insurance in the GFRS Closing Package (see Figure 3 for due dates).

4705.20d—Fiduciary Activities

In a fiduciary activity, the Government collects or receives and subsequently manages, protects, accounts for, invests, and/or disposes of cash or other assets in which non-federal individuals or entities have an ownership interest that the Government must uphold. Non-federal individuals and entities must have an ownership interest in the cash or other assets held by the Government under provision of loan, regulation, or other fiduciary arrangement. The ownership interest must be enforceable against the Government, and judicial remedies must be available for the breach of the Government’s fiduciary obligation. Agencies should account for this fiduciary activity, which includes the collection of cash or other assets and their distribution to the non-federal owners and/or their beneficiaries, in accordance with SFFAS No. 31. In accordance with the standard, there is relatively similar Government activity that is specifically excluded from the SFFAS No. 31 reporting requirements such as: payroll withholdings and garnishments; unearned revenue; and seized property.

The standard requires that the Government’s fiduciary activities and a description thereof be included as a note disclosure. In addition, the Government must disclose that the fiduciary assets are not assets of the Government and are, therefore, not recognized on the U.S. Government Balance Sheet. However, at the Governmentwide level, the U.S. Government Balance Sheet recognizes a liability for fiduciary cash held in Fund Balance with Treasury and a liability for fiduciary investments in U.S. Treasury securities that are included in the agencies’ fiduciary assets. Since these fiduciary assets are not recognized on the agencies’ Balance Sheets, no significant entities are required to enter this fiduciary liability line item in the Reclassified Balance Sheet, in the GFRS Module GF003.

However, both significant entities and other entities with fiduciary activity must enter the entity fiduciary activity note disclosure information in the GFRS Module GF006, FR Notes (see Appendix 3, Note 27).

Note: The reporting requirements related to fiduciary activities, as required by SFFAS No. 31, are distinct and unrelated to the reporting and other requirements related to the “fiduciary” category of intragovernmental transactions as stated in subsections 4705.70b, 4706.15, and 4706.25.

4705.20e—Reporting of Government Account Series (GAS) Investments with the Fiscal Service Purchased by Agencies Using Deposit Fund Monies

Treasury GAS securities purchased using nonfiduciary deposit fund monies are normally classified as public and not intragovernmental. However, for purposes of this TFM, investments in GAS securities by nonfiduciary deposit funds are to be reclassified as nonreciprocating (Z). Therefore, significant entities that invest deposit fund monies in GAS investments must adhere to the following three bullets for the portion of the investments that are not accounted for in the agencies’ fiduciary note:

  • Reclassify the deposit fund investments in GAS to the Closing Package federal line titled “Federal Investments”  using the “Z” domain value which requires no trading partner. 
  • Reclassify the liability with the public related to GAS investments by deposit funds to the Closing Package federal line titled “Other liabilities (without reciprocals)” using the “Z” domain value which requires no trading partner.
  • Reclassify the revenue from earnings on deposit fund investments in GAS that the federal government is authorized to keep to the Closing Package federal line titled “Federal securities interest revenue” and identify the amount in the Federal Trading Partner Note (Module GF004) using trading partner code “2000.”

4705.20f—Department Code Reporting for General Fund Activities

Agencies use domain value “G” strictly for recording transactions with the General Fund of the United States. Do not confuse the General Fund of the United States (trading partner code G) with the Department of the Treasury (department/trading partner code “2000”), the agency. They are not synonymous and agencies must distinguish one from the other when designating an appropriate partner code. In addition, agencies must not use trading partner G on any buy/sell transactions. The General Fund Receipt Accounts (GFRAs) are credited with all funds from dedicated collections that are not identified by law for another account for a specific purpose. Agencies that are collecting receipts into GFRAs should be aware that although GFRAs belong to the General Fund, the General Fund does not have all the details of all the accounting events in the GFRAs. Therefore, collecting agencies must record the accounting events in the GFRAs and must use their three-digit department codes in the GFRAs for collection and accrual activities (for example, receivables, revenues, other financing sources, transfers in). The accounts that have the “9900G” partner code in the GFRAs are listed below. Agencies should refer to the USSGL implementation guidance, in the General Fund Receipt Account Guide, on the USSGL website for examples of how to record partner codes in GFRAs. See the website at http://www.fms.treas.gov/ussgl/approved_scenarios/mr_transactions_17-b.pdf.  Some examples of activities that have “9900G” as a trading partner are:

  • Offsets to collections collected or accrued in the General Fund receipt accounts—USSGL accounts applicable to this activity include but are not limited to USSGL accounts 298000G, 298500G, 599000G, 599100G, 599300G, and 599400G.
  • Rescissions that are permanently canceled by law. (For trust and special fund transactions, treat similar to capital transfer transactions, RC 11 and RC 12. Refer to the discussion on capital transfer in Appendix 10. Permanent rescissions of balances derived from available trust and special fund accounts are treated differently. The accounting impacts RC 08, and thus does not involve trading partner G).
  • Other activities associated with the General Fund—USSGL accounts applicable to this activity include but are not limited to tax related accounts and USSGL accounts 192100G, 599700G, etc.

Agencies engaged in activity with the Department of the Treasury as a trading partner should use department code 2000 regarding all other intragovernmental activities, such as Judgment Fund transactions, investments, borrowings, transfers not associated with a General Fund Receipt Account, and buy/sell activity. Agencies should contact the Director, Financial Reports Division, via email at financial.reports@fms.treas.gov, if they are unsure about the applicability of trading partner code “G” to particular transactions.

Agencies that record activities with the General Fund also must properly record this federal activity at the Governmentwide level to assist with the preparation of the FR. Refer to Appendix 1 for a description of each reclassified FR line and Appendices 6 and 7 for a listing of reclassified FR line reciprocal category designations and the financial statement to which they relate.

4705.20g—Nonreciprocating Activities

Z (Federal)—This is an attribute of a USSGL account balance that results from transactions that are federal in nature but no reciprocal balances will be reported by any other federal entity. The attribute is limited to Reciprocal Category 29.

An example of a nonreciprocating activity is as follows:

  • Employer Federal Insurance Contributions Act (FICA) contributions collected by the Internal Revenue Service.

Note: In FY 2014, employer FICA contributions are considered non-reciprocating in GTAS.

4705.25—Special Basis of Accounting

Significant Entities under SFFAS No. 34, The Hierarchy of Generally Accepted Accounting Principles, that use accounting standards other than FASAB standards (for example, Financial Accounting Standards Board), as the basis for their audited financial statement data, or that do not have a fiscal year-end of September 30, are collectively referred to as converting agencies in GFRS. Converting agencies must perform an additional step in GFRS before reclassifying their financial statement line items to the Closing Package line items. They must convert their latest set of audited financial statements to a 12-month set of financial statements using the FASAB standards and a September 30 ending date. Converting agencies reclassify the converted data to the Closing Package line items instead of the data from their latest audited financial statements. They must subject all of the above-mentioned adjustments to their Closing Packages to the audit coverage described in subsection 4705.45.

Significant Entities that may need to perform this additional step, as described above, are:

(1) Significant entities with comparative, audited financial statements not based on FASAB standards:

  • Federal Deposit Insurance Corporation;
  • National Credit Union Administration;
  • Pension Benefit Guaranty Corporation;
  • Smithsonian Institution;
  • Tennessee Valley Authority;
  • U.S. Postal Service; and
  • Farm Credit System Insurance Corporation.

(2) Significant entities with a year-end other than September 30:

  • Farm Credit System Insurance Corporation;
  • Federal Deposit Insurance Corporation; and
  • National Credit Union Administration.

For the significant entities with a year-end other than September 30, a crosswalk with a 12-month set of fiscal year financial statements should be provided to the Fiscal Service, as support to the Closing Package submission. In addition, these agencies must provide an updated 12-month set of the FY financial statements crosswalk after the audit is completed to show changes, if any, that may impact financial reporting at the Governmentwide level. Agencies must highlight any variances in the subsequent crosswalk and must provide reasons for the variances.

4705.30—Parent/Child Reporting

The parent agency (transferor of the appropriation) must report all activity of the child in its financial statements, whether material to the child agency (recipient of the transfer) or not, unless one of the three exceptions (detailed below) applies. The parent agency must use its three-digit trading partner code for all activities and balances with the child agency. Other agencies that have activity with the child (see exceptions below) must use the Federal trading partner department code of the child’s parent agency when reporting their balances and transactions with the child in GFRS.

The three exceptions to the requirement for parent/child reporting (from OMB Circular No. A-136, revised) are:

  • Federal trust funds managed by the Fiscal Service (commonly known as Treasury Managed Trust Funds) for which the recipients are allocation accounts.
  • The parent is the Executive Office of the President.
  • Funds transferred from the Judiciary to the Department of Justice’s U.S. Marshals Service for court security.

In these cases, the receiving agency (child) is responsible for reporting all proprietary activity in its financial statements and GFRS. The child must use its three-digit trading partner code for all activities and balances with the parent agency. Agencies that have activity with the child listed in the three exceptions must use the federal trading partner code of the child in reporting their balances and transactions with the child in GFRS.

The Foreign Military Sales Fund executed by the Department of Defense on behalf of the Executive Office of the President is not included in the Department of Defense’s Financial Statements. Agencies that have activity with the Foreign Military Sales Fund should use the Executive Office of the President as the three-digit trading partner code. 

Note: The reporting differences with the nonreporting agencies (for example, Judiciary Branch, House, Senate) will continue to be reflected as reasonable differences. The differences will be eliminated via a supported journal voucher at the Governmentwide level.

GTAS requires the Parent agency and the Child agency to come to an agreement on which agency will report the TAS in the bulk file submission. This also applies to agencies not yet reporting to GTAS. Please note that if both the parent and the child report the balances (one to GTAS and other via legacy reporting), significant intragovernmental differences may result.

4705.35—Reciprocal Categories

A reciprocal category is comprised of a set of federal Closing Package line items that are the reciprocal of each other (for example, accounts payable/accounts receivable). These categories assist in the elimination of federal activity at the governmentwide level to prepare the FR. Additionally; these reciprocal categories facilitate the reconciliation of activities between federal entities.

Note: General Fund activities must be reclassified to an FR line with a Reciprocal Category 29 – 48 designation for identifying General Fund activity at the Governmentwide level. See Appendix 7 for a complete list of reciprocal categories and the financial statements to which they relate.

4705.40—CFO Closing Package Data Verification

Significant entity CFOs must certify the accuracy of the data in the Closing Package for the IG to provide an opinion no later than November 18, 2014, by 6 p.m., Eastern Standard Time (EST). The file should be submitted in Excel format, or in a format required by each entity’s IG.

4705.45—Audit Requirements for the Closing Package

For significant entities, an audit opinion is required for the Closing Package financial statements, for the current FY and the prior FY, based on entity-entered data in GFRS. This includes the intragovernmental activity and balances contained in the Closing Package’s GFRS Module GF004, Federal Trading Partner Note. The IG provides the audit opinion and its text of the audit opinion, regardless of whether the IG or an independent public accountant (IPA) conducted the audit. For guidance, refer to OMB Bulletin No. 14-02, as amended and as it relates to the Closing Package financial statements. Significant entities with a year-end other than September 30 are subject to all requirements of this TFM chapter. However, they are limited to audit assurance on material line items and note disclosures to which the significant entities contribute. For additional guidance, refer to the audit of the Closing Package financial statements section of OMB Bulletin No. 14-02, as amended.

The intragovernmental activity and balances contained in the Closing Package’s GFRS Module GF004, Federal Trading Partner Note, are included within the scope of the opinion on the Closing Package financial statements. Significant entities should review thoroughly information provided as Other FR Data in the Closing Package, which is not subject to audit coverage, to assure consistency with the applicable data.

Each applicable significant entity must provide the following documents to the IG/IPA to perform the audit on the Closing Package. All of the following documents are a part of the IG/IPA audit opinion except the GF007 Other FR Data Report. The information reported in GF007 Other FR Data Report is considered either Required Supplementary Information or Other Information based upon the requirement of FASAB. 

  • Reclassified financial statements – GF003F Closing Package Financial Statement Report (including FR Note 23 for the Statement of Social Insurance and FR Note 30 for the Statement of Changes in Social Insurance Amounts, if applicable);
  • GF004F Trading Partner Summary Note Report;
  • GF003G Closing Package Line Reclassification Summary Report;
  • GF006 FR Notes Report;
  • GF007 Other FR Data Report; and
  • Management representation letter on the Closing Package, which includes the Summary of Uncorrected Misstatements (SUM), and uncorrected misstatements identified in the entity’s audited financial statement SUM, which is attached to the entity’s financial statement management representation letter (see subsection 4705.50 for instructions for entities with a year-end other than September 30).

Each IG must package a copy of the aforementioned documents in addition to the Closing Package auditors’ report and must email them in Portable Document Format (PDF) to GAO, the Fiscal Service, and OMB (see Figure 3 for due dates).

4705.50—Closing Package Summary of Uncorrected Misstatements Process

Significant entities must submit a Closing Package SUM as a part of their Management Representation Letter on the Closing Package (as stated in subsection 4705.45) to the Fiscal Service. Significant entities with a year-end other than September 30 do not have to provide a SUM. The SUM is for agencies’ current-year Balance Sheet, Statement of Net Cost/Income Statement, Statement of Changes in Net Position, Statement of Social Insurance, and Statement of Changes in Social Insurance Amounts (if applicable). The schedule should contain the following:

  • The effect of the current year’s uncorrected misstatements and the carry-forward effect of the prior year’s uncorrected misstatements.
  • USSGL account number and account description.
  • Federal (F), General Fund (G), Nonreciprocating (Z), or non-Federal (N) account indicator for each USSGL account affected.
  • A reference to an adjustment number or documentation reference.
  • An indication as to whether or not management has agreed to record the adjustment in its financial statements.
  • A statement as to whether the uncorrected misstatement is factual, judgmental, or projected.
  • A description of the adjustment.
  • The amount of the debit or credit.
  • The line items affected in the entity’s financial statements. 
  • Uncorrected misstatements identified in the audited financial statement SUM and any additional uncorrected mis-statements identified in the Closing Package. Explanations must be provided for any difference between the two SUMs to facilitate the consolidation of the FR.

In addition, the adjusting entries to correct the misstatements also should be provided. If there are no such uncorrected misstatements, a representation to this effect should be included in the management representation letter. Refer to the Financial Audit Manual (FAM), Section 595, for a sample schedule of uncorrected misstatements and adjusting entries. All responses should be submitted in Excel format.

For additional guidance, see OMB Bulletin No. 14-02, as amended, and OMB Circular No. A-136, revised, on the OMB website at http://www.whitehouse.gov/omb; and GAO/President’s Council on Integrity and Efficiency FAM, Section 595C, on the GAO website at http://www.gao.gov.

4705.55—Legal Representation Letter Process

4705.55a—Legal Letter Reporting Requirements

Significant entity IGs must submit an interim and final legal representation letter prepared by the entity General Counsel summarizing and evaluating legal actions against the entity. Significant Entity IGs must submit the interim and final legal representation letters and management schedules to the Fiscal Service, DOJ, and GAO. Legal representation letter files sent by email must be PDF files (zipped files are not accepted). Management Schedules must be in Excel format only (PDF files are not accepted). The entity’s legal representation letter must contain a schedule prepared by management that summarizes the content of the legal representation letter as disclosed in the entity’s financial statements. They must categorize cases, including cases to be paid from the Judgment Fund, in the table as either having a probable, reasonably possible, or a remote chance of a negative outcome for the agency consistent with American Bar Association guidance (see Figure 3 for due dates). Significant entities must recognize a contingent liability on their financial statements or must disclose it in the financial statement notes if it meets the contingent liability criteria as defined in SFFAS No. 5. For guidance, refer to OMB Bulletin No. 14-02, as amended, as it relates to legal representation letters.

The Export-Import Bank of the U.S., the Smithsonian Institution, and calendar year-end entities such as Farm Credit System Insurance Corporation, the Federal Deposit Insurance Corporation, and the National Credit Union Administration are each required to only submit a final legal representation letter and the accompanying management schedule no later than November 15. This legal representation letter will be all inclusive of existing, pending, or threatened litigation and unasserted claims as of September 30. The document must be submitted electronically in PDF and Excel format for the management schedule, including signatures, to the Department of Justice, the Fiscal Service and GAO. 

4705.55b—Other Required Infor-mation for Legal Representation Letters

Significant entity IGs also must provide GAO, DOJ, and the Fiscal Service information about subsequent events that occurred from the effective date of their final legal representation letter through a date to be determined that resulted in a change of likelihood or an amount of loss. All agencies should send this information via email to GAO, DOJ, and the Fiscal Service (see Figure 3 for details).

Subsequent event information is based on the entity’s materiality threshold. For additional guidance, see OMB Bulletin No. 14-02, as amended, and OMB Circular No. A-136, revised, on the OMB website at http://www.whitehouse.gov/omb.

4705.60—Other Required Information for Subsequent Changes to Published Financial Statements

Significant entity CFOs also must provide the Fiscal Service information regarding any subsequent changes, or no changes, to their management representation letters and published financial statements (see Figure 3 for due dates). Send this information via email to the Fiscal Service, OMB, and GAO. The email should indicate if there are no changes, and/or any changes to the management representation letters and the financial statements due to subsequent events. Subsequent event information is based on the entity’s materiality threshold. Do not include legal contingencies or items submitted in GFRS, Note 1.

4705.65—Quarterly and Year-end Intragovernmental Reconciliation Process Related to Closing Package Reporting

Significant entities and other entities should reconcile their intragovernmental balances with all available information before submitting their Closing Package data and GTAS ATBs, respectively.

UCAD is the authoritative data collected in Treasury’s central accounting system. Agencies should validate and reconcile their data monthly with UCAD to resolve intra-governmental differences in certain reciprocal categories, prior to their data submissions in GFRS.

UCAD data consists of RC 07, Appropriation of Unavailable Trust of Special Fund Receipts (represented by GTAS Edit 33-UCAD Reciprocal Category 7 Transferred-In and Edit 34 - UCAD Reciprocal Category 7 Transferred-Out); RC 08 Nonexpenditure Transfers of Unexpended Appropriations and Financing Sources (represented by GTAS Edit 35-UCAD Reciprocal Category 8 Transferred-In and Edit 36 - UCAD Reciprocal Category 8 Transferred-Out); RC 11 Nonexpenditure Transfers of Financing Sources – Capital Transfers  (represented by GTAS Edit 40 - UCAD Reciprocal Category 11 Capital Transfers In and Edit 41 - UCAD Reciprocal Category 11 Capital Transfers Out), Appropriations Received as Adjusted (represented by GTAS Edit 50 - Normal Warrants Edit); and RC 40, Fund Balance with Treasury (Represented by GTAS Edit 1 – Fund Balance with Treasury).

Reconciling UCAD, reported as BETC in Central Accounting Reporting System, data against Agency Reported Adjusted Trial Balance Data, reported in GTAS, can be done two ways. They are listed below. 

  • In GTAS navigate to the MY ATB STATUS module and click on the Failed Edits Tab, click on View Details. This view is defaulted to Failed Fatal Edits (i.e., Edit 1). Click on Proposed Analytical to review any Failed Proposed Analytical Edits (i.e., Edits 33, 34, 35, 36, 40, 41, and 50).
  • Navigate to Run Reports Module, select Validations/Edits for Report Type, Select either Failed Edits Detail or Failed Edits Summary (depending on needs), select applicable reporting period information, run the report by Either User ID or Specified TAS, scroll down past Fatal Edits to find Proposed Analytical Edit Failures.

If no Failed Edits or Proposed Analytical Edits appear after ATB upload, then UCAD and ATB Data are reconciled and no further action is necessary.

Significant Entities generate their intragovernmental reports via the Discoverer application in GFRS or by using the direct URL link http://gfrs.fmsapps.treas.gov/discoverer/viewer for the following reports that show agencies their reciprocal balances, as reported in the Closing Package, for each of their trading partner agencies:

  • Intragovernmental Closing Package Activity Detail Report;
  • Intragovernmental Closing Package Activity Summary Report;
  • Intragovernmental Closing Package Reciprocal Category Detail Report;
  • Intragovernmental Closing Package Reciprocal Category Summary Report;

Fiscal Service provides significant entities the following reports quarterly and at year-end via email:

  • Summary of Material Differences Report(s). This report provides an overall summary of all parts including the CFO Certification Statement. 
  • Material Difference Report Part I of II (if applicable). This report displays differences equal to or greater than $100 million.
  • Material Differences Report Part II of II (if applicable). This report displays differences with Undefined Partners “Z” and “G.” General Fund explanations are required for amounts reported equal to or greater than $10 million by reciprocal category. This report also displays differences with Non-Reporting Agencies and requires an explanation if it is equal or greater than $100 million. 
  • Material Difference Report-Z-schedule (if applicable). 

Any significant differences that are reconciled should form the basis for adjusting journal entries affecting intragovernmental activity and balances at the FR level. Agencies should submit their adjustments and supporting documentation for Part I of II, Part II of II, and the Z-Schedule (refer to subsections 4705.70e  for further detail regarding the explanation of differences) to their Fiscal Service contact via email and to the following email address: GovernmentwideIGT@fiscal.treasury.gov.

Fiscal Service provides significant entities with the Intragovernmental Comparative Status of Disposition via Fiscal Service’s website at:  http://www.fms.treas.gov/closingpackage/reports.html.   

4705.70Year-end CFO Procedures for Intragovernmental Transactions/Balances

Significant Entities must comply with the following instructions using the comparative, audited consolidated, and department-level financial statements:

  • Provide responses to the representations outlined in the detailed “CFO Representation” instructions for each intra-governmental issue; and
  • Ensure the data in the Intragovernmental Closing Package Material Differences/ Status of Disposition Certification Report is consistent with the information reported in the federal program entity’s financial statements.

The Fiscal Service provides the CFO Representations form for federal Intra-governmental Activity and Balances (see Appendix 8). The Fiscal Service posts this form on the Fiscal Service website at http://www.fms.treas.gov/closingpackage. The representations relating to whether the reconciliation was completed for each item of Section I (General Intragovernmental Reporting Results), Section II (Explanation of Closing Package Differences), and Section III (Additional Explanations) must be completed in their entirety.  The CFO Representation Form is completed at year-end.

4705.70a—Detailed CFO Representation Instructions

Significant Entities must provide responses to the following intra-governmental items.

4705.70b—Section I: General Intra-governmental Reporting Results

  • Is consistency maintained between the agency intragovernmental reporting entered in GFRS Module GF004 Trading Partner Note (by line item and trading partner) and the agency source documents? If “no,” provide an explanation. (Refer to the Intragovernmental Closing Package Line Item Reports and the Trading Partner Identification Reports from GFRS Module GF004). Agency source documents include manual and electronic records, original documents, and accounting records generated by the agency’s official accounting system.
  • Identify policies and procedures that pertain to the agency’s ability to record, process, summarize, and report intragovernmental activity and balances by trading partner. Describe the accounting treatment and policies and procedures used for buy/sell, benefits, fiduciary, transfer, and General Fund intra-governmental transactions.
  • Review and explain the agency’s activity reported with domain value “Z.” Indicate the dollar amount or percentage of this activity that relates to business conducted with the U.S. Senate, or the House of Representatives. Also, explain any activity that is unknown because the agency is unable to identify its trading partners and/or amounts.
  • Explain activity reported with domain value “G” (General Fund) and “Z” (Nonreciprocating).
  • Explain unidentified material differences with trading partners.
  • Confirm whether all federal program agencies were contacted or pursued concerning material differences. If “no,” list those agencies that were not contacted or pursued and provide an explanation.
  • Confirm whether the independent auditors proposed any adjustments related to intragovernmental balances reported in the Closing Package. If “yes,” list the auditor’s intragovernmental adjustments waived by management.

4705.70c—Section II: Explanation of Closing Package Differences and Part I of II Material Difference Explanation

Explain the differences indicated on the Intragovernmental Closing Package Material Differences/Status of Disposition Certification Report, Part I of II, which is provided via email by Fiscal Service and categorize them as follows:

(1)  Accounting/Reporting Error;

(2)  Current Year Timing Difference;

(3)  Prior Year Timing Difference;

(4)  Accounting Methodology Difference;

(5)  Accrual Methodology Difference;

(6)  Agency Verified; and

(7)  Unidentified.

Definitions of Part I of II explanation categories: 

(1)  Accounting/reporting error: occurs when the reporting agency has incorrectly reported activity either by reciprocal category, trading partner, or amount.  The total of these amounts must be identified and explained.  If the agency is in error, then provide the adjustment amount as well as the corrective action (journal entry, etc.) to be taken and when the error will be corrected. 

(2)  Current year timing difference: occurs when the reporting agency has reported activity in a different quarter than the trading partner.  The total of these amounts must be identified.  Explain whether an adjustment should be made. 

(3)  Prior-year timing difference: occurs when the reporting agency has reported activity in its prior fiscal year other than the trading partner.  The total of these amounts must be identified and explained. 

(4)  Accounting methodology: differences occur when the reporting agency uses a different method to account for activity than its trading partner.  The method of accounting must be identified and explained.

(5)  Accrual methodology difference: occurs when the reporting agency uses a different accrual method to account for activity than the trading partner.  The method of accrual must be identified and explained.

(6)  Agency Verified:  is intended to indicate that an agency has verified its reported amounts and that the agency’s documents are in agreement with its quarterly source documentation; and the agency has confirmed that the policy and guidance related to transactions and balances have been followed. It also indicates the agency has reconciled this amount with its trading partner and knows why the difference, if any exists. By selecting Agency Verified this is an indication that the trading partner accepts the onus for adjusting its amount to clear any difference going forward. Both agencies cannot have Agency Verified where a difference exists. Agencies should provide a detailed explanation to support the selection of Agency Verified.

(7)  Unidentified: occurs when the reporting agency cannot validate the amount of the difference. 

Also, explain the special items and differences on the Intragovernmental Material Differences/Status of Disposition Certification Report, Part II of II provided by Fiscal Service via email.

4705.70d—Section III: Additional Explanations

For each explanation, from Parts I and II, the supporting documentation must be included, in detail, on the “Additional Explanations” form provided by the Fiscal Service.

Provide an electronic file of the CFO’s Representations for federal Intragovernmental Transactions and Balances along with the completed Intra-governmental Closing Package Material Differences/Status of Disposition Certification Report, including the “Additional Explanations” form to the Fiscal Service and GAO (see Figure 3 for due dates).

4705.70e—Agency Quarterly Status of Disposition Certification. 

Fiscal Service provides significant entities with the Comparative Status of Disposition Report each quarter. The report can be found on Fiscal Service’s website at: http://www.fms.treas.gov/closingpackage/reports.html.

The reports contain comparative reporting between the agency and its trading partners to reciprocal category in Part I. 

The Intragovernmental Material Differences/Status of Disposition Certification Report, Part I of II, allows agencies to identify differences with trading partners, by reciprocal categories that are greater than or equal to a materiality level that is determined by Treasury. Part II of II identifies all transactions equal to or greater than $10 million with trading partners agency identifier (AID) 099, General Fund, and 999, Unidentified. Agencies must explain all the balances in Part I, II, and the Z-Schedule. The assurance level is systematically established using three functions for fiscal year 2014:

  • Obtaining a sufficient explanation (including a description of corrective actions, if applicable) to resolve the out-of-balance and to condition coverage for GAO assurance.
  • Obtaining assurance that agencies are performing quarterly intragovernmental reconciliations in accordance with OMB Circular No A-136, revised.
  • Ensuring agencies are mutually completing the Intragovernmental Material Differences Status of Disposition Certification Report for the same trading partner/reciprocal category material differences instances.

Both significant entities and selected other entities should provide an explanation of the reporting on Part I of II, and the Z-Schedule of the Intragovermental Material Differences/Status of Disposition Certification Report by identifying their reporting justification by explanation number (refer to section 4705.70c) and should submit it to the agency’s respective Fiscal Service contact person via email (PDF format). This report is due each quarter except fourth quarter.

NOTE: Significant entities that have recurring differences with a trading partner continue to receive an Intragovernmental Material Differences/Status of Disposition Certification Report that must be explained and certified. Recurring differences should be limited to those situations that have been confirmed by the Fiscal Service through the dispute resolution process.  

Section 4706—Intragovernmental Requirements

4706.10—Intragovernmental Transactions/Balances

Intragovernmental transactions result from business activities conducted between two federal government entities, called trading partners. Accounting differences occur in Governmentwide financial reporting when trading partners record differing amounts for transactions that should eliminate or net to zero. Trading partners must reconcile and resolve these differences on a routine basis with their trading partners. The Intragovernmental Transactions Guide (Appendix 10) contains the business rules and processes to properly record, report, and reconcile intragovernmental transactions, including the processes for dispute resolution.

4706.15—Intragovernmental Reconciliation Requirements Authority

The intragovernmental transactions reconciliation requirements are stated in OMB Circular No. A-136 (see the OMB website at http://www.whitehouse.gov/omb).

4706.15a Federal Intra-governmental Transactions Accounting Scenarios

Agencies can refer to the USSGL website to see accounting scenarios for selected federal intragovernmental activities at http://www.fms.treas.gov/ussgl/index.html.

4706.15b Dispute Resolution of Intragovernmental Transactions Differences

If an agency’s intragovernmental balance does not materially (above $100 million threshold in absolute value) agree with the trading partner’s balance, the agency must work with its trading partner to reconcile the difference and must post the adjustment to its financial records. If trading partners cannot agree and resolve the difference within 60 calendar days after the quarter-end, then both agencies must request dispute resolution from the Fiscal Service (see Appendix 10, subsection 2.4.2).

The Fiscal Service will review the request for dispute resolution and will notify both trading partners of the final decision within a designated number of calendar days of receiving the request. Once the Fiscal Service has rendered the decision and notified agencies via email, trading partners must update their financial records within five calendar days, but no later than the end of the quarter. If either trading partner does not agree with the decision, it may request an appeal. Appeals must be requested within five calendar days of the date the decision was rendered. The Fiscal Service will send the previously submitted documentation to the Office of the Deputy Fiscal Assistant Secretary-Accounting Policy, Office of the Fiscal Assistant Secretary (OFAS). OFAS will review the request for appeal and will render a final decision within ten calendar days of receipt of the appeal request. Once OFAS has rendered the final decision, the affected agencies must update their financial records within five calendar days, but no later than the end of the quarter.

4706.25—Nonfiduciary Transactions

For nonfiduciary transactions, OMB requires reporting agencies to reconcile and confirm intragovernmental activity as well as balances quarterly for the following reciprocal groupings:

  • Services provided and reimbursables.  Examples include legal, consulting, investigative, financial management, grants management, technology, reimbursables, and other similar services.
  • Cost of products sold.  Examples include supplies, manufactured items, inventory, office space, and equipment/vehicle rentals.
  • Transfers, appropriations used, and collections for others, as well as unusual assets and liabilities related to appropriations.  Examples include transfers between agencies based on agreements or legislative authority, expended appropriations, taxes and fees collected, collections for others, receivables from appropriations, transfers payable, and custodial revenue.

4706.25a—Related to Capitalized Purchases

Agencies that purchase capitalized assets from other federal entities must record the purchase to the following USSGL memorandum accounts:

  • 880100F, “Offset for Purchases of Assets;”
  • 880200F, “Purchases of Property, Plant, and Equipment;”
  • 880300F, “Purchases of Inventory and Related Property;” and
  • 880400F, “Purchases of Assets – Other.”

Agencies also must record the purchase to the appropriate USSGL asset account in the Closing Package.

The above memorandum accounts are not crosswalked to the Closing Package. The memorandum accounts are only supplemental USSGL accounts that are used for reconciling purposes.

4706.30—Quarterly Intragovernmental Transactions Reconciliation Process

The quarterly reconciliation process facilitates the elimination of intragovernmental differences for year-end financial reporting.

Agencies must use three-digit trading partner agency identifiers (AID) for all intragovernmental transactions. When agencies report “appropriations transfers” within their departments, they should use their three-digit trading partner code rather than “00.” Trading partner code “00” is limited to the House of Representatives, Senate, or any truly unidentifiable activity/balances.

4706.30a—Agency Quarterly Submission for non-GTAS Reporters

In support of the quarterly reconciliation process, both significant  and selected other entities must submit full proprietary ATBs in text format, if they are not GTAS reporters.

Entities should derive these submissions directly from their departmental trial balances that are used as the basis for constructing quarterly unaudited financial statements for OMB.

The text file format must contain the following elements:

  • Department code (two digit)—Treasury department code associated with the ATB fund group and consistent with the ATB code (Appendix 5).
  • Bureau code (four digit)—Bureau code associated with the ATB fund group and consistent with the ATB code. Use “00” if the entity does not have any subdivisions.
  • Main Account (four digit)— fund group.
  • USSGL account (four digit)—USSGL account number.
  • Federal/Non-Federal Attribute—F/N indicator.
  • Federal trading partner (Federal) (two digits)—Treasury depart-ment code of the federal trading partner.
  • Sign indicator—The “-” (minus) symbol indicates a credit balance. Leave the field blank for debit balances, without regard to the normal-balance concept.
  • Dollar amount—Leading zeroes are required. The last two positions represent amounts after the decimal point.
  • Exchange/nonexchange attribute—X/T indicator.
  • Duplicate Partner Code Identifier (DPCI)—The attribute for certain reporting entities that use duplicate three-digit department codes.
  • Custodial/noncustodial attribute —S/A indicator.

All agencies should send their completed ATB files including a total record count via email to their Fiscal Service contact and to financial.reports@fms.treas.gov. The Fiscal Service will validate the files and notify the agencies of any errors. Agency errors must be corrected and files resubmitted within one business day of notification.

See Appendix 9 for the data file format  and http://www.fms.treas.gov/closingpackage/keydates.html for intragovernmental key dates.

4706.30b—Agency Submission – Parent/Child Reporting

The parent agency (transferor of the appropriation) must report and code activity and balances between the parent and the child using the parent’s three-digit trading partner code on its file submission to properly eliminate parent/child activity and balances, unless one of the three exceptions applies (see subsection 4705.30 for exceptions). Agencies having activity with the child must use the parent’s three-digit trading partner code in the file to report their balances and transactions with the child. For example, agencies having activity with the account “AAA BBB 1234” use the “BBB” trading partner code, in which “BBB” represents the parent’s three-digit trading partner code.

For the three exceptions listed in subsection 4705.30, the child agency must report and code activity and balances between the parent and the child with the child’s three-digit trading partner code on its file submission to properly eliminate parent/child activity and balances. Agencies having activity with the child, for the three exceptions, must use the child’s three-digit trading partner code in the file to report their balances and transactions with the child. For example, agencies having activity with the account “AAA BBB 1234” use the “AAA” trading partner code, in which “AAA” represents the child’s three-digit trading partner code.

4706.30c—The Fiscal Service Intragovernmental Activity Reports

Within approximately four business days of agencies’ quarterly ATB file submissions, the Fiscal Service consolidates agency quarterly financial data. Reporting agencies will receive the reports from Fiscal Service via email. The reports show agencies their reciprocal balances, as reported in the quarterly ATB files, for each of their trading partner agencies (Part I); undefined and non-reporting partners and General Fund activity (Part II):

  • Summary of Material Difference Report(s). This report provides an overall summary of all parts including the CFO Certification Statement.
  • Material Difference Report Part I of II (if applicable). This report displays differences equal to or greater than $100 million.
  • Material Difference Report Part II of II (if applicable). This report displays differences with Unidentified Partners “000” and “099” General Fund. Explanations are required for amounts reported equal to or greater than $10 million by reciprocal category. This report also displays differences with Non Reporting Agencies. It requires an explanation if it is equal or greater than $100 million.
  • Material Difference Report-Z-Schedule (if applicable). Agencies are required to provide explanations and valid business use cases for all balances with the “Z” domain value.

Agencies should use these reports to work with their trading partners to reconcile intragovernmental differences.

4706.30d—Agency Quarterly Status of Disposition Certification

Each significant agency and selected other agencies obtain an Intragovernmental Material Differences/Status of Disposition Certification Report from the Fiscal Service website containing comparative reporting between the agency and its trading partners by reciprocal category in Part I. The Fiscal Service provides Part III, which is a blank “Additional Explanations” form that agencies use to explain in detail their reporting on all records showing material differences. The Fiscal Service posts this form on the website at http://www.fms.treas.gov/closingpackage/reports.html.

The Intragovernmental Material Differences/Status of Disposition Certification Report, Part I, allows agencies to identify differences with trading partner agency identifiers (AID), excluding “099” and “000,” by reciprocal categories (excluding RC 07, 08, 11, 25, and 29) that are greater than or equal to a materiality level that is determined by Treasury.  Part II identifies all transactions equal to or greater than $10 million with trading partners “000” and “099” by reciprocal category. Agencies must explain all the balances in Parts I, IIA, and Part IIB on Part III, the “Additional Explanations” form. The assurance level is systematically established using three functions for fiscal 2014:

  • Obtaining a sufficient explanation and corrective actions, if applicable, to resolve the out-of-balance and condition coverage for GAO assurance;
  • Obtaining assurance that agencies are performing quarterly intragovernmental reconciliation in accordance with OMB Circular No. A-136, revised; and
  • Ensuring agencies are mutually completing the Intragovernmental Material Differences/ Status of Disposition Certification Report for the same trading partner/reciprocal category material difference instances.

Both significant agencies and selected other agencies should provide an explanation of the reporting on Parts I and II of the Intragovernmental Material Differences/Status of Disposition Certification Report by identifying their reporting justification by explanation number and should submit it to the agency’s respective Fiscal Service contact person via email (PDF format). This report is due for each quarter except the fourth quarter.

Note: Significant agencies that have recurring differences with a trading partner continue to receive an Intragovernmental Material Differences/ Status of Disposition Certification Report that must be explained and certified. Recurring differences should be limited to those situations that have been confirmed by the Fiscal Service through the dispute resolution process.

4706.30e—Detailed Quarterly Status of Disposition Certification Instructions

Significant agencies and selected other agencies are required to provide an explanation of the Intragovernmental Material Differences/ Status of Disposition Certification Report, Parts I, II and Z - Schedule. An explanation of their Part I should be reporting based on each identified difference in terms of the following categories:

(1)  Accounting/Reporting Error;

(2)  Current Year Timing Difference;

(3)  Prior Year Timing Difference;

(4)  Accounting Methodology Difference (see 4706.30d for definition);

(5)  Accrual Methodology Difference;

(6)  Agency Verified; and

(7)  Unidentified.

The agencies must include documented support for Parts I and II in detail for each explanation on provided material difference reports.   

4706.30f—Reporting Agency’s Explanation of Reporting in Part I

Differences identified in Part I should be classified according to the following categories:

(1)  Accounting/reporting error: occurs when the reporting agency has incorrectly reported activity either by reciprocal category, trading partner, or amount. The total of these amounts must be identified and explained. If the agency is in error, then provide the adjustment amount as well as the corrective action (journal entry, etc.) to be taken and when the error will be corrected.

(2)  Current-year timing difference: occurs when the reporting agency has reported activity in a different quarter than the trading partner. The total of these amounts must be identified. Explain whether an adjustment should be made.

(3)  Prior-year timing difference: occurs when the reporting agency has reported activity in a prior fiscal year other than the trading partner. The total of these amounts must be identified. Explain whether an adjustment should be made.

(4)  Accounting methodology difference: occurs when the reporting agency uses a different method to account for activity than the trading partner. The method of accounting must be identified and explained.

(5)  Accrual methodology difference: occurs when the reporting agency uses a different accrual method to account for activity than the trading partner. The method of accrual must be identified and explained.

(6)  Agency Verified is intended to indicate that an agency has verified its reported amounts and that the agency’s documents are in agreement with its quarterly source documentation; and the agency has confirmed that the policy and guidance related to transactions and balances have been followed. It also indicates the agency has reconciled this amount with its trading partner and knows why the difference, if any exists. By selecting "Agency Verified" this is an indication that the trading partner accepts the onus for adjusting its amount to clear any difference going forward. Both agencies cannot have Agency Verified where a difference exists. Agencies should provide a detailed explanation to support the selection of Agency Verified.

(7)  Unidentified: occurs when the reporting agency cannot validate the amount of the difference. The total of unidentified reporting amounts must be identified and explained.

Note: Unidentified also can include instances where the differences may be the result of existing guidance that is currently under review to ensure elimination at the Government-wide level between trading partners when applied correctly (for example, judgment fund and FICA transactions).

4706.30g—Comparative Status of Disposition Report

Within approximately four business days of agencies’ submissions of the Intragovernmental Material Differences/ Status of Disposition Certification Report, the Fiscal Service consolidates agency explanations and makes the Comparative Status of Disposition Report available on the website at:  http://www.fms.treas.gov/closingpackage/reports.html.

This report compares amounts and explanations of material differences reported between each reporting agency and its trading partner.

CFOs use this report to address and resolve inconsistencies in amounts and explanations between the agency and its trading partners. All material differences must be in the process of being resolved and eliminated within 60 calendar days after quarter-end, or a dispute resolution request must be submitted.

4706.30h—Intragovernmental Transactions Metrics and Scorecards

The Fiscal Service has implemented scorecards and metrics to track reporting differences governmentwide and by agency. Scorecards will be updated quarterly and disseminated to agencies. The purpose of the metrics is to monitor progress on resolving and/or explaining material intragovernmental differences. Refer to Appendix 10, Section 2.5, for further information on the timeline for these scorecards and metrics as well as related agency requirements.

Section 4707— GTAS Requirements

GTAS replaced FACTS I beginning FY 2014 and requires reporting proprietary and budgetary USSGL account balances.  Details on GTAS can be found at:  http://www.fms.treas.gov/gtas/index.html.

4707.15—GTAS System Access

To obtain system access, users may contact the GTAS Treasury Support Center.  Details may be found at: http://www.fms.treas.gov/gtas/treas_supp_center.html.

4707.20— GTAS Reportable Data

GFRS compiles the data from the GTAS submissions for other entities into a set of “generic” financial statements that are included in the consolidated FR. Other entities must prepare and submit FR Notes using the amounts from the “generic” financial statements compiled in GFRS. Agencies must submit all changes to the “generic” statements through GTAS.

4707.20a—GTAS Super Master Account File (SMAF)

The SMAF is the combination of the prior FACTS I and II Master Appropriation Files and contains the valid TAS balances and attributes for budgetary and proprietary adjusted trial balances submission. Details can be found at: http://fms.treas.gov/gtas/smaf.html.

4707.20b—Adjusted Trial Balance

Agencies must prepare and submit preclosing ATBs at the Treasury fund symbol level using USSGL accounts and attributes. Agencies that have not adopted the USSGL must crosswalk their general ledger accounts to the USSGL accounts before transmission.

The ATBs must include USSGL accounts in numerical order with the required attributes, and USSGL account balances must reflect the preclosing adjusting entries needed to produce financial statements. The total sum of debit balances must equal the total sum of credit balances in the ATBs. Report amounts in dollars and cents.

Significant entities and other entities must use the same USSGL data on the ATBs that they use to prepare the current FY audited entity consolidated financial statements due to OMB. For detail on the specific requirements for the submission, please refer to: http://fms.treas.gov/gtas/index.html

Other entities that use deposit fund monies to invest in GAS investments and if the Fiscal Service records these GAS securities as public, must identify these investments with a nonreciprocating “Z” domain value.

4707.20c—Reporting Instructions for General Fund Receipt Accounts

Agencies that classify amounts on their Statement of Transactions in general fund receipt account symbols using their three-digit agency department code also must submit an ATB and must prepare agency financial statements that include the general fund receipt activity.

4707.20d—Treasury Managed Trust Fund Accounts

The Fiscal Service’s Funds Management Branch provides the lead program agency a monthly ATB for the Treasury managed trust fund activity located at the Fiscal Service for each of the Treasury managed trust funds listed in Figure 4. The monthly ATB prepared by the Fiscal Service contains receipt and disbursement transactions that are recorded in the Treasury managed trust funds as well as investment activity and balances.  The monthly ATBs will be provided to the lead program agencies no later than the fifth workday after the end of the applicable month. The program agencies are responsible for recording appropriated amounts from the trust funds and reporting the final Treasury managed trust fund ATBs in GTAS. 

The Fiscal Service uses USSGL accounts from the USSGL for Fiscal 2014 Reporting, with the proper attributes. The lead program agencies identified in Figure 4 must include the Treasury managed trust fund ATB data in their GTAS Submission. Direct any questions regarding the ATB data received from the Fiscal Service to Ryan Hanna at 304-480-5120.

4707.20e—Parent/Child Reporting

The reporting in GTAS is similar to the reporting for the quarterly file submissions. Refer to subsection 4706.30b.

4707.20f—ATB Reports Transmission Methods

Each ATB preparer can submit the ATB data using the  bulk file transfer method  in the GTAS Internet application.

Agencies must submit ATBs for each active TAS. For specific detail on ATB submission, please refer to:  http://fms.treas.gov/gtas/index.html.

For agencies that are not GTAS reporters, refer to Appendix 9 for instructions on ATB text data file reporting format. 

4707.20g—Proprietary Balances in Canceled Accounts

GTAS will establish a default TAS (“C” domain value for availability type). The system generated C TAS will have three components: the three digit agency identifier, availability type “C,” and a four digit main account. The GTAS system will provide a “C” TAS on the GTAS Super Master Accounts File for each fund family represented on the SMAF.  Agencies may choose one or more “C” TAS on the SMAF to report assets. 

If entities are using a default fund symbol of your own creation, you must use the new “C” account in its place. However, if agencies are using a current year fund symbol, an “X” fund, or some variation of a real account, they may continue. Entities may also decide on their own when to move these assets from the original purchasing fund.  


Figure 3: Reporting and Submission Dates

August 26, 2014*

Significant entity IGs must submit interim legal representation letters and management schedules to the Fiscal Service, DOJ, and GAO.

September 4, 2014

For significant entities  and other entities, the window opens for Closing Package data submission in GFRS for Modules GF001 to GF008, as applicable.

October 6, 2014

GTAS opens for September 30, 2014, ATB submission.

September 19, 2014

SSA, HHS, and RRB report the draft Social Insurance data in the GFRS Closing Package.

October 20, 2014

GTAS expenditure TAS must be certified by 2 pm.

October 24, 2014

DOL reports the draft Social Insurance data for Black Lung and Unemployment Insurance in the GFRS Closing Package.

November 17, 2014

GTAS window closes.  Window closes for GTAS and non-GTAS reporters ATB submissions to the Fiscal Service for other entities by 6 p.m. EST.  The ATB for non-GTAS reporters must be submitted via email to GTAS.Team@fiscal.treasury.gov.   

November 18, 2014

1.  GFRS window for Closing Package submissions closes for significant entities.

2.  Agencies will get updates from the Fiscal Service about any adjustments made on the Closing Package data after this date.

3.  CFO and IGs must ensure that they collaborate on the Closing Package submission.

November 18, 2014

1.  GFRS Notes and other FR data submissions are due for other entities by 6 p.m. eastern standard time (EST).

2.  IG opinion on the Closing Package for significant entities, including the Trading Partner Note, is due by 6 p.m. EST.

3.  IG must submit copies of documents listed under subsection 4705.45 and the Closing Package auditors’ report to GAO, the Fiscal Service, and OMB by 6 p.m. EST.

4.  Significant entity IGs must submit the final legal representation letters and management schedules to the Fiscal Service, DOJ, and GAO by 6 p.m. EST.

5.  Significant entities must submit a Closing Package Schedule of Uncorrected Misstatements (SUM) including the management representation letter via email to the Fiscal Service, OMB, and GAO.

November 24, 2014

FRD Agency Accountants will provide significant entities with closing package intragovernmental reports. 

December 12-19, 2014

Agency FR review period.

December 15, 2014

Agency CFOs submit their Representations for Federal Intragovernmental Activity and Balances (Sections I, II, III, and required documentation) to the Fiscal Service and GAO.

December 22, 2014

Significant entities receive the Intragovernmental Comparative Closing Package Explanations of Differences Report via Fiscal Service website and distribute  to the CFOs and IGs.

February 3, 2015

Significant entity IGs must provide the Fiscal Service information about subsequent events that occurred from the effective date of their final legal representation letters through January 30, 2015, that resulted in a change of likelihood or an amount of loss. Send this information via email to the Fiscal Service, OMB, and GAO.

February 17, 2015

Significant entity CFOs must provide the Fiscal Service information about subsequent changes to Management Representation Letters and financial statements that have arisen from the date of the financial statements audits (general purpose and Closing Package) and up through February 16, 2015.  Send this information via email to the Fiscal Service, OMB, and GAO.

February 26, 2015

Financial Report of the U.S. Government is published.

*Represents the “no later than date.” Agencies should submit data as early as possible.

Intragovernmental Deadlines may be found at:  http://www.fms.treas.gov/closingpackage/reports.html

GTAS Deadlines may be found at:  http://www.fms.treas.gov/gtas/index.html.

 

Figure 4: Treasury Managed Trust Funds

Treasury Managed Trust Fund

Agency/Department

Federal Supplementary Medical Insurance

Department of Health and Human Services (HHS)

Federal Hospital Insurance

HHS

Vaccine Injury Compensation

HHS

Federal Old-Age and Survivors Insurance

Social Security Administration (SSA)

Federal Disability Insurance

SSA

Airport and Airway

Department of Transportation (DOT)

Sports Fish Restoration and Boating

Department of the Interior

Oil Spill Liability

Department of Homeland Security

Highway

DOT

Black Lung Disability

Department of Labor (DOL)

Unemployment

DOL

Hazardous Substance Superfund

Environmental Protection Agency (EPA)

Leaking Underground Storage Tank

EPA

Inland Waterways

U.S. Army Corps of Engineers

Harbor Maintenance

U.S. Army Corps of Engineers

South Dakota Wildlife Restoration

Treasury

Patient-Centered Outcomes Research

Independent Agency



CONTACTS

Direct inquiries and deliver documents required by this chapter to:

Jaime M. Saling
Director, Financial and Budget Reports Directorate
Governmentwide Accounting
Bureau of the Fiscal Service
Department of the Treasury
P.O. Box 1328
Parkersburg, WV 26106-1328
Telephone: 304-480-8965
Fax: 304-480-5176
Email: financial.reports@fms.treas.gov

Also, deliver documents required by this chapter to:

Dawn Simpson
Government Accountability Office
441 G Street, NW., Room 5X23
Washington, DC 20548
Telephone: 202-512-9473
Email: uscfs@gao.gov

Office of Management and Budget
Telephone: 202-395-3993
Website: https://max.omb.gov/community/x/njn1Iw                                  

                                   

                                      
Appendices Listing

Appendix No.

Title

1

Reclassified Financial Statements and Line Item Descriptions

2

Sample Agency A Reclassification Entry Summary

3

Financial Report (FR) Notes and Instructions

4

Other Financial Report (FR) Notes Data and Instructions

5

Federal Trading Partner Codes for Governmentwide Financial Report System (GFRS), the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS), and for Non-GTAS Reporting Entities

6

Reciprocal Categories Crosswalk to Financial Statements

7

Federal Intragovernmental Transactions Categories of Reciprocal U.S. Standard General Ledger Proprietary Accounts

8

Fiscal 2014 CFO Representations for Federal Intragovernmental Activity and Balances

9

Quarterly and Year-end Agency ATB Reporting Data File Submission - Description and Formats

10

Intragovernmental Transaction Guide

11

Agreed-Upon Procedures (AUPs)

Appendices are available in the PDF version only.